Mid-day Update

PODCAST: Hope for underwater mortgages, the cost per win

Mary Dooe Oct 24, 2011

Here are today’s top headlines from the Marketplace Morning Report and from around the web.

President Obama will be in Nevada today, where 60 percent of homeowners are underwater on their mortgages — meaning they owe more than the value of the house. The President will be announcing a plan that does not require congressional approval. It would allow underwater homeowners to refinance at a lower rate through a federal housing program.

Strong earnings this morning from the world’s largest heavy machinery company. Caterpillar saw a 44 percent jump in quarterly profit and expects sales to rise further next year.

Toyota will trim production at all of its Japanese vehicle assembly factories this week due to a shortage of Thai-made parts as floods in that country disrupted production.

Health insurer Cigna has agreed to acquire HealthSpring Inc for about $3.8 billion to jump-start its business selling Medicare plans for the elderly. The move represents a significant diversification for Cigna, which has largely focused its U.S. health plans on businesses.

And in today’s Mid-day Extra, we look at a recent study that calculated the average cost per win for each major professional sports team in the U.S.

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